Mr Cooper Group Inc (COOP)

[JohnnyWinter]

You are correct sir. I guess what I was driving at was what kind of assets they had and/or what the true value of those assets were.

Here is a bulk of them.

WASHINGTON MUTUAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(UNAUDITED)



Loans held in portfolio, net
$231,171,000,000.00

Total available-for-sale securities
24,375,000,000

A bunch of crappy loans and securities held for sale totalling 250 billion, and after being in business for 110+ years, here was their cash/cash equivalents as of June 30, 2008.

Cash and cash equivalents
$7,325,000,000.00

http://investing.businessweek.com/research/stocks/financials/drawFiling.asp?docKey=137-000104746908009146-3LHC7FD3JJ2I56DJVCP9H8G53A&docFormat=HTM&formType=10-Q

(subscription to www.secinfo.com ran out a while ago)


They didn't have enough cash and/or real assets to absorb the huge losses from their crappy loan portfolio (aka assets).



Do you think they had enough cash and/or real assets to be considered a safe and sound company? Do you know how much cash JPM has?

I think the most recent #s and negative equity speak for themselves, but hey, maybe the OTS (the ones who allowed backdated capital infusions into certain entities) is right. Maybe WMI was well capitalized.